Parent Company Financial Information (Notes)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Information

Parent Company Financial Information

Following are statements of the parent company:

Statements of Condition	December 31
(Dollars in thousands)	2017			2016
Assets:
Cash	$	254,938		$	226,326
Securities available-for-sale	1,836			2,035
Notes receivable	3,067			3,209
Allowance for loan losses	(925		)	(925		)
Investments in subsidiaries:
Bank	4,618,249			2,596,582
Non-bank	22,932			23,996
Other assets	207,878			189,360
Total assets	$	5,107,975		$	3,040,583
Liabilities and equity:
Accrued employee benefits and other liabilities	$	149,124		$	141,729
Term borrowings	673,794			489,201
Total liabilities	822,918			630,930
Total equity	4,285,057			2,409,653
Total liabilities and equity	$	5,107,975		$	3,040,583

Statements of Income	Year Ended December 31
(Dollars in thousands)	2017			2016			2015
Dividend income:
Bank	$	250,000		$	250,000		$	325,000
Non-bank	1,097			1,361			1,150
Total dividend income	251,097			251,361			326,150
Interest income	—			—			—
Other income/(loss)	190			(207		)	5,884
Total income	251,287			251,154			332,034
Interest expense:
Short-term debt	—			—			6
Term borrowings	17,936			14,238			23,579
Total interest expense	17,936			14,238			23,585
Compensation, employee benefits and other expense	43,783			38,926			36,388
Total expense	61,719			53,164			59,973
Income/(loss) before income taxes	189,568			197,990			272,061
Income tax benefit	512			(22,981		)	(21,757		)
Income/(loss) before equity in undistributed net income of subsidiaries	189,056			220,971			293,818
Equity in undistributed net income/(loss) of subsidiaries:
Bank	(24,255		)	9,508			(207,831		)
Non-bank	714			(3,433		)	(108		)
Net income/(loss) attributable to the controlling interest	$	165,515		$	227,046		$	85,879

Statements of Cash Flows	Year Ended December 31
(Dollars in thousands)		2017			2016			2015
Operating activities:
Net income/(loss)	$	165,515		$	227,046		$	85,879
Less undistributed net income/(loss) of subsidiaries		(23,541	)		6,075			(207,939	)
Income/(loss) before undistributed net income of subsidiaries		189,056			220,971			293,818
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation, amortization, and other		15			53			(276	)
(Gain)/loss on securities		(109	)		148			259
Provision for deferred income taxes		7,727			—			—
Stock-based compensation expense		19,625			16,719			12,810
(Gain)/loss on extinguishment of debt		—			—			(5,793	)
Net (increase)/decrease in interest receivable and other assets		8,605			(2,228	)		(4,544	)
Net (decrease)/increase in interest payable and other liabilities		13,172			(2,842	)		(5,791	)
Total adjustments		49,035			11,850			(3,335	)
Net cash provided/(used) by operating activities		238,091			232,821			290,483
Investing activities:
Securities:
Sales and prepayments		318			275			1,371
Purchases		—			(400	)		(740	)
Premises and equipment:
Sales/(purchases)		7			(17	)		14
Decrease/(increase) in interest-bearing cash		—			—			—
Return on investment in subsidiary		1,871			129			93
Investment in subsidiary		—			—			(9,372	)
Cash paid for business combination, net		(126,149	)		—			(18,251	)
Net cash provided/(used) by investing activities		(123,953	)		(13	)		(26,885	)
Financing activities:
Preferred stock:
Cash dividends		(6,200	)		(6,200	)		(6,200	)
Common stock:
Exercise of stock options		6,132			22,479			7,219
Cash dividends		(79,904	)		(63,504	)		(53,947	)
Repurchase of shares		(5,554	)		(97,396	)		(32,648	)
Term borrowings:
Proceeds from issuance of term borrowings		—			—			495,555
Repayment of term borrowings		—			—			(700,000	)
Increase/(decrease) in short-term borrowings		—			—			(3,000	)
Net cash (used)/provided by financing activities		(85,526	)		(144,621	)		(293,021	)
Net increase/(decrease) in cash and cash equivalents		28,612			88,187			(29,423	)
Cash and cash equivalents at beginning of year		226,326			138,139			167,562
Cash and cash equivalents at end of year	$	254,938		$	226,326		$	138,139
Total interest paid	$	17,321		$	13,261		$	24,345
Income taxes received from subsidiaries		23,020			27,126			32,202

Certain previously reported amounts have been reclassified to agree with current presentation.